CITIC Securities: Valuations of securities firms are expected to continue to stabilize and rise.

CITIC Securities pointed out that with the liquidity benefits brought by interest rate cuts, the securities sector is expected to continue to show outstanding growth in the semi-annual report compared to the same period last year, consolidating the solid foundation of its fundamentals. In an environment where a comprehensive financial policy is implemented to create incremental space, the valuation of the securities sector is expected to continue to stabilize and rebound. The current valuation of the securities industry has dropped to a reasonable level, and is expected to continue to show its resilience with the support of fundamentals, policy, and liquidity benefits, as well as the stimulus of industry mergers and restructuring themes. It is recommended to invest in securities companies that are expected to have high growth in their interim reports, are still undervalued, and are expected to benefit in the long term from the continuous implementation of regulatory policies.